Recently, there has been increased interest from foreign sellers wishing to do business in the UK business community. The first and perhaps most important requirement is to register for the VAT in the UK tax. This is a requirement of the British Tax Authority known as the HMRC.Read More
VAT after Brexit: In the run up for Brexit, the UK may retain the current structure of taxes, make changes or replace it. It is deemed to be very unlikely that the UK will make significant changes in the VAT structure system and the VAT rates. The government will want to protect and keep the level of revenues if receives from VAT tax.
The Scottish government has been receiving half of the revenue collected in Scotland. Therefore, leaving the VAT system as it is will safeguard the trade with EU countries. The ruling of the Court of Justice of the European Union will soon end, but the UK will probably want to maintain the legal continuity and heed the CJEU.
From the accounting periods 2016/2017 the abbreviated accounts for small businesses will be abolished. What are the options?Two year ago Financial Reporting Standards for, Entities changed in line with the Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015. This has created a lot of confusion about new requirements, the biggest ones being new thresholds for qualifying as a small company, changes to dis, closures required in small company accounts, accounts formats and different filing obligations.Read More
HMRC has announced about a big overhaul of the tax reporting system in the UK by the end of 2020: MTG (making tax digital). Businesses will be obliged to file their returns every quarter, so they will need the support of their accountant more often. Some think it is going to be a burden. However, this may increase the interaction with clients and reduce the big backlog by the end of the acc ounting period. This will also help clients to forecast their tax burden and avoid nasty surprises by the end of the accounting period when they realise they have to pay a large amount of tax.Read More